Would You Believe It!!

[emo67]

I received full amount of my claim in to my closed account yesterday,(1271.76 - 318 overdraft=£1589.76) one day before the return date of my summary cause. I went into the bank today to tell them I would like to withdraw the full amount and after a few telephone calls I was told that I wouldn't be seeing any of the money!! I was in a bit of shock but it turns out that the loan and credit card I had few years back and which are part of a protected trust deed, is stopping me from receiving my cash. They told me the only way I would get any money from them is if I show a council tax or rent letter saying I am in arrears and need the money:? . I now feel as if the BOS is now bending me over a barrel big time. Surely this is not allowed as ultimately the bank have arrested my money and will not give it to me! I have not contacted the court yet to state that I have received the money. I was thinking would it be possible to have the case ruled in my favour and then get the sherriff officers to collect my money from the bank? any advice would be most grateful I have went from cloud nine today to back down in the dumps!!!

[kennythecelt]

I am sure someone will come along soon who has the right type of experience and help you.

 

The conditions in the trust deed will be a major issue.

[rory32]

I'm afraid if you receive addition money, as in this case, it would appear that it transfers to the Trustee.

[maryhillgull]

Emo67

 

Rory is right if the trust deed is still in force then the money will be kept by the bank (although you should inform your trustee as they will want to know).

 

However if the deed has been formally discharged then the bank cannot keep the money as the debt no longer exists, if this is the case then I would contact the bank and your trustee and failing that I would contact the court.

 

Cheers

[stew1275]

Can I just add that there must be a fair amount of people in this position.

 

We were ourselves in a Trust Deed until release 2/3 years ago.

 

It is a very unfortunate position to be in, one that has been made worse by the banks.

 

I also wish that these adverts with seemingly normal couples and their delightful kids giving wholehearted thumbs up to borrowing gazillions of pounds to consolidate their loans/debts etc whilst lovely soothing music playing in the background would just stop, their not helping!

 

It may be preferrable to wait until release form Trust Deeds before claiming back charges, anyone any idea if there is a time limit after discharge before being able to do this?

[maryhillgull]

Whilst the deed is still in-force and this will be until the discharge has been registered which can take up to 9 months after the actual deed has finished, any assets can be taken by the trustee. They would not normally take money after the three years but they have the power to do so if they believe the money should have been available to trust. Trusts are very compicated and are also very restricting!!!! And should not be entered into without a lot of thought as ALL your assets belong to the trust.

 

Yes it would definitely be better to wait until the discharge has been lodged before beginning any action against the banks. On the other hand it may be better to counter claim the banks before getting into the deed and either avoid the deed alltogether (BEST) or reduce the debt going into the deed. Which may not be as good as it sounds because payments would be the same anyway.

 

Once the deed is discharged the debt is gone so in theory the money is yours however the banks may have other ideas and use scare tactics to try and convince you otherwise. There may be some legal recourse open to the banks as you may be claiming back 100% of charges that you only paid 60% of via the deed, but I have not found anything todate, but someone with a better understanding of scottish law/Deed law may know better.

 

The problem with deeds is that trying to get credit afterwards in almost impossible. you are actually better off after voluntary sequestration (although of course you may have lost your hosue). These companies that tell you the Deed will solve all your problems and take a large admin fee to set it up for you are the same ones that then get you the "best deal" on your re-mortgage at whopping 9% interest.

 

perhaps we should pool our Deed Knowledge and get a sticky post advising people with Deeds what the best course of action is!

[deneedenee]

I received full amount of my claim in to my closed account yesterday,(1271.76 - 318 overdraft=£1589.76) one day before the return date of my summary cause. I went into the bank today to tell them I would like to withdraw the full amount and after a few telephone calls I was told that I wouldn't be seeing any of the money!! I was in a bit of shock but it turns out that the loan and credit card I had few years back and which are part of a protected trust deed, is stopping me from receiving my cash. They told me the only way I would get any money from them is if I show a council tax or rent letter saying I am in arrears and need the money:? . I now feel as if the BOS is now bending me over a barrel big time. Surely this is not allowed as ultimately the bank have arrested my money and will not give it to me! I have not contacted the court yet to state that I have received the money. I was thinking would it be possible to have the case ruled in my favour and then get the sherriff officers to collect my money from the bank? any advice would be most grateful I have went from cloud nine today to back down in the dumps!!! [Was the loan and credit card you had with BOS or another company? I'm claiming against A&L for bank charges, and also have a trust deed, but A&L were not one of my creditors. Would they be able to keep the money for my trust deed if I get an offer from them??]

[deneedenee]

Oops made a bit of an ar$e of that

 

Was the loan and credit card you had with BOS or another company? I'm claiming against A&L for bank charges, and also have a trust deed, but A&L were not one of my creditors. Would they be able to keep the money for my trust deed if I get an offer from them??

[maryhillgull]

Deneedenee

 

As A&L are not part of your trust they will not be able to keep your bank charges refund unless of course you owe them money say an o/d in which case they will almost certainly deduct this from you refund.

 

HOWEVER when you enter into a trust deed you in effect for the term of the trust (usually three years) sign over all your current and future assets to the trustee including your salary, house, car and possessions and any windfalls i.e lottery wins inheritances etc and I believe a refund of charges would almost certainly be regarded as such and would need to be placed in the trust.

 

The trustee has discretion with regards to which assets are kept in trust things like cars which you need to do your job, unless they are brand new and paid for are usually disregarded because there value at the end of the trust is not usually enough to warrant them being sold. The same goes for furniture and electrical goods because they are just not worth the effort of selling. You are allowed to keep a portion of your salary to pay for bills rent/mortgage etc. The rest is usually placed into the trust with regular monthly payments.

 

So if you recieve a sum of money (in this case the refund) you are duty bound to notify the trustee. This is usually done via 6 monthly updates where you fill in a questionaire detailing income and outgoings. You could of course decide not to tell the trustee and I'm sure many many people do do this i.e over-exagerate outgoings under-estimate salary (pay slips are usually checked). BUT the outcome could be very serious with the trustee ending up sequestering(sic) you and thus seizing all your assets and leaving you up "pooh river without a propulsion device" or more likely extending the term of the trust and forcing you to pay more money in from your salary.

 

I know this leaves you between a rock and a hard place and I'm sure that the money from A&L would mean a big difference and make some things in life easier but please be aware what could happen if you do not tell the trustee and they find out, remember they can ask for bank statements from you.

 

This is becoming a bit of a ramble but two more things:

 

1. You may be able to argue that the money is merely replacing money you should not have paid and is therfore not a windfall but I'm not sure how easy this would be.

 

2. You are entitled to make repairs to property/assets etc and you could say the money is needed for this.

 

Cheers

[deneedenee]

Hi there,

 

Thanks very much for your help - again!!

 

A&L closed my account back in Jan this year and I had to clear my overdraft then, so if I get any money back from them, I'm not due them any of it.

 

That's good to know that I can say I'm using the money for repairs to property, cos that's what I'm going to do with the money - should I ever get it back from A&L?!?

 

Thanks again.